Out-of-State Buyers Want Chicago's Class A Retail

Worries about big-box vacancy has focused buyers' attention.

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Clybourn Galleria, a fully leased, urban retail center in Chicago’s Lincoln Park neighborhood. The 24,601-square-foot center is in the midst of the bustling North & Clybourn Retail Corridor across from Trader Joe’s and adjacent to Lincoln Yards, a new $1 billion mixed-use development.

CHICAGO—Worries about big box vacancy has more than ever focused investors’ attention on core, well-located, class A properties. Westwood Financial LLC, a Los Angeles-based investment firm, is one of several groups now on a bit of a buying spree in the Chicago market. It just acquired Clybourn Galleria, a fully leased, urban retail center in Chicago’s Lincoln Park neighborhood. The 24,601-square-foot center is in the midst of the bustling North & Clybourn Retail Corridor across from Trader Joe’s and adjacent to Lincoln Yards, the new 70-acre, $1 billion, mixed-used development by Sterling Bay.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

Torrey Square posted the lowest base rent per-leased-square-foot in Whitestone’s wholly-owned portfolio. Since its IPO in 2010, Whitestone has improved its base rent per leased square foot by over 80%.